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Spring expected to bring improved real estate sales

The housing market reflected a challenging first quarter for 2014 but Michelle Norlock, Quinte and District Association of Realtors president expects the market to pick up with the onset of spring and the continuation of low mortgage rates.

Sales of all property types show 485 units sold, compared to 518 for the same period in 2013. The 2014 year-to-date residental sales were 399 units, compared with 437 in 2013.

“The sales for all property types for the month of March had 190 units sold, versus 219 one year ago,” said Norlock. “The residential portion of those sales came in at 151 for the current year, compared to 187 in 2013.”

The March average resident sale price is marginally up, at $222,732 in 2014. It was $214,012 in 2013.

The market, she expects, will turn around as residents thaw from a long, hard, cold winter.

“Spring is typicaly a time the real estate market picks up – a few warm days and snow banks are finally starting to melt. Everyone is anxious to go out and see what the market has to offer, so this is a great time to list or look for a new property,” says Norlock.

Click here for real estate in Prince Edward County.

Filed Under: Local News

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